States across the U.S. are catching on to the Bitcoin revolution faster. For example, New Hampshire and Florida are taking significant steps towards setting up strategic Bitcoin reserves. The way states handle public funds could change a lot if they start using digital assets as part of their financial plans.
NH House Passes HB302 Narrowly
The New Hampshire House passed bill HB302 on April 10 by a vote of 192-179. This puts the state at the forefront of digital asset law. The bill lets the state treasury invest up to 10% of the general fund and other qualifying funds in “precious metals and digital assets.” However, these assets must have a “market capitalization of over $500 billion,” meaning that only “Bitcoin” currently meets this requirement.
The New Hampshire Senate will now decide whether to pass HB302. Arizona, Texas, and Oklahoma are the only states that have passed similar laws through at least one house. If Governor Kelly Ayotte signs the bill into law, the state will officially join those three states.
Political Debate Highlights Concerns and Opportunities for Security
The bill caused a lot of heated discussion among lawmakers. Democratic Representative Terry Spahr said the bill wasn’t needed because the state treasury already has the power to make those investments. He also said that the crypto area is “constantly shifting and changing,” which made him worry about long-term security risks.
On the other hand, Republican Representative Jordan Ulery pushed for the plan, saying it could bring in a lot of money.
The Florida House Committee unanimously moves HB487 forward
The same day, Florida’s House Insurance and Banking Committee unanimously passed HB487. This bill lets the state’s financial officers convert up to 10% of certain funds, such as the General Revenue Fund and the Budget Stabilisation Fund, into Bitcoin.
Republican Representative Webster Barnaby is pushing the bill, which still must go through two more committees before the whole House can vote.
Conclusion
The fact that Bitcoin reserve bills are moving forward in New Hampshire and Florida shows that people are becoming more interested in cryptocurrency as a strategic asset for public funds. If passed, these rules could make it easier for more states to use digital money.
